New housing price growth doubled in February

The rate of price appreciation for new Canadian homes doubled in February compared to January. The rise of 0.2 per cent was driven by higher new home prices in Ontario and British Columbia.

Statistics Canada’s New Housing Price Index shows that the combined region of Toronto and Oshawa (up 0.4 per cent) and Vancouver (up 0.8 per cent) were the top contributors to the national increase with Vancouver seeing the largest monthly price increase since September 2009.

Charlottetown (up 1.2 per cent) recorded the largest monthly price gain while Hamilton (up 0.5 per cent), St. Catharines–Niagara (up 0.4 per cent), London (up 0.3 per cent), Montréal (up 0.3 per cent), Kitchener–Cambridge–Waterloo (up 0.2 per cent) and Victoria (up 0.2 per cent) also saw gains.

New housing prices fell in Calgary (down 0.5 per cent) and Saskatoon (down 0.2 per cent) and were unchanged in the remaining regions.

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